New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) In this Part, trust account supervisor means—
(a) a partner appointed as a trust account supervisor under subclause (2); or
(b) in the case of a sole practitioner who is not in partnership, that practitioner; or
(c) in the case of an incorporated firm, a director of the incorporated firm appointed as a trust account supervisor under subclause (3).
(2) Every partnership must at all times have a trust account supervisor for each office of the partnership having separate trust account records, and that trust account supervisor must be a person appointed in that capacity by the partnership.
(3) Every incorporated firm must at all times have a trust account supervisor for each office of the incorporated firm having separate trust account records, and that trust account supervisor must be a person appointed in that capacity by the board of directors of the incorporated firm.
(4) Every trust account supervisor—
(a) is responsible for the administration of the trust accounting of the practice:
(b) is responsible for ensuring—
(i) that the provisions of the Act relating to trust accounts, these regulations, and any practice rules made under section 94(k) of the Act are complied with by the practice; and
(ii) if the practitioners in the practice in respect of which the trust account supervisor has been appointed are lawyers, that any practice rules relating to lawyers nominee companies are complied with by the practice:
(c) must take appropriate measures to verify the correctness of, and sign, all reports required by these regulations (unless prevented by temporary absence or incapacity; in which case another partner or director, if any, may take those measures and sign).
(5) The appointment of a trust account supervisor does not remove or diminish the responsibilities and liabilities of any partners of the trust account supervisor or other directors of the incorporated firm for financial matters affecting the practice.